Guaranteed fixed fees for Leasehold Conveyancing in Waterbeach

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Waterbeach leasehold conveyancing Example Support Desk Enquiries

Expecting to sign contracts shortly on a leasehold property in Waterbeach. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Waterbeach should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Defining your legal entitlements in respect of common areas in the block.For instance, does the lease permit a right of way over an accessway or hallways?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from letting out the flat, or working from home
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Waterbeach please enquire of your solicitor in advance of your conveyancing in Waterbeach

    • I have just appointed agents to market my 2 bed apartment in Waterbeach.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

    The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    What are your top tips when it comes to finding a Waterbeach conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Waterbeach conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Waterbeach conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

    • How many lease extensions have they conducted in Waterbeach in the last 12 months?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Waterbeach from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Waterbeach can be reduced if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in Waterbeach charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Waterbeach.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Waterbeach leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer in advance.
  • A minority of Waterbeach leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there frequently found defects that you encounter in leases for Waterbeach properties?

    Leasehold conveyancing in Waterbeach is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    I inherited a garden flat in Waterbeach, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Waterbeach with an extended lease are worth £210,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2098

    You have 73 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 plus costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Waterbeach